EchoStar
ECHONASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $104.16 Prior regular-session close from the quote source.
- $101.74–$104.96 Regular-session low and high so far today.
- 3.7M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $65.76–$147.25 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own ECHO if EchoStar is a high-leverage connectivity-asset turnaround: spectrum and satellite/wireless optionality must become cash flow fast enough to outrun shrinking legacy revenue and a stressed balance sheet.
ECHO price history
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Investment thesis
What must happen next
EchoStar’s wireless/spectrum pivot must turn scarce spectrum and Boost-style distribution into retained connectivity customers, slowing the decline of the legacy communications base rather than merely adding capital intensity.HoldingMateriality: High
GAAP annual revenue remained substantial at $15.005 billion in FY2025, showing EchoStar still has a large communications customer and service base. If the pivot slows customer and revenue erosion, the asset option has time to compound; if not, the company remains a melting revenue base with expensive spectrum obligations.
Watch: T-Mobile, Verizon, AT&T, or cable wireless providers use aggressive prepaid and unlimited pricing to take EchoStar’s addressable wireless customers before EchoStar achieves scale.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue remained substantial at $15.005 billion in FY2025, showing EchoStar still has a large communications customer and service.
Open source ↗EchoStar’s legacy video and satellite communications base must be harvested for cash with disciplined pricing and retention, not defended through uneconomic promotions that drain the capital needed for wireless and satellite options.WeakeningMateriality: High
GAAP annual operating cash flow was positive from FY2021 through FY2024, including $1.253 billion in FY2024 despite falling revenue. The turnaround depends on legacy operations funding the transition; if legacy customers require heavy subsidies, the option value shifts to creditors and counterparties.
Watch: Streaming video substitutes, cable bundles, or Starlink-style satellite broadband offers force EchoStar to discount legacy services to retain customers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was positive from FY2021 through FY2024, including $1.253 billion in FY2024 despite falling revenue.
Open source ↗The post-combination cost structure must reset quickly; if FY2025’s extreme GAAP operating loss reflects recurring network, customer-acquisition, or asset economics rather than an episodic reset, scale is destroying value.WeakeningMateriality: Medium
EchoStar generated positive GAAP annual operating income in FY2021 and FY2022, showing the business has previously been capable of operating profit. A one-time reset can leave upside to normalized margins, but recurring operating losses would mean the business model itself is impaired.
Watch: Wireless network buildout, device subsidies, and customer-acquisition costs remain structurally above the gross profit from new subscribers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
EchoStar generated positive GAAP annual operating income in FY2021 and FY2022, showing the business has previously been capable of operating.
Open source ↗EchoStar needs enough liquidity and asset-monetization flexibility to fund capital-intensive spectrum and satellite strategies before the customer base stabilizes.WeakeningMateriality: Medium
Cash and cash equivalents were $1.883 billion at FY2025 year-end, giving some immediate liquidity. If the runway holds, shareholders keep exposure to the asset option; if liquidity tightens, financing terms, forced sales, or dilution can absorb the upside.
Watch: Credit markets refuse refinancing or demand punitive terms before operating cash flow recovers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $1.883 billion at FY2025 year-end, giving some immediate liquidity.
Open source ↗
Full investment case & evidence
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Original research
EchoStar’s wireless/spectrum pivot must turn scarce spectrum and Boost-style distribution into retained connectivity customers, slowing the decline of the legacy communications base rather than merely adding capital intensity. If the pivot slows customer and revenue erosion, the asset option has time to compound; if not, the company remains a melting revenue base with expensive spectrum obligations.
EchoStar’s legacy video and satellite communications base must be harvested for cash with disciplined pricing and retention, not defended through uneconomic promotions that drain the capital needed for wireless and satellite options. The turnaround depends on legacy operations funding the transition; if legacy customers require heavy subsidies, the option value shifts to creditors and counterparties.
The post-combination cost structure must reset quickly; if FY2025’s extreme GAAP operating loss reflects recurring network, customer-acquisition, or asset economics rather than an episodic reset, scale is destroying value. A one-time reset can leave upside to normalized margins, but recurring operating losses would mean the business model itself is impaired.
EchoStar needs enough liquidity and asset-monetization flexibility to fund capital-intensive spectrum and satellite strategies before the customer base stabilizes. If the runway holds, shareholders keep exposure to the asset option; if liquidity tightens, financing terms, forced sales, or dilution can absorb the upside.
All standing thesis claims
Original report summary
EchoStar is a high-leverage connectivity-asset turnaround: spectrum and satellite/wireless optionality must become cash flow fast enough to outrun shrinking legacy revenue and a stressed balance sheet.
Bull case and bear case
Bull case and bear case for EchoStar
Where the evidence on EchoStar disagrees: Mixed on the latest evidence (Oct 15, 2026). Of its 4 thesis points, 1 holding and 3 weakening.
Bull case: what the evidence supports
EchoStar’s wireless/spectrum pivot must turn scarce spectrum and Boost-style distribution into retained connectivity customers, slowing the decline of the legacy communications base rather than merely adding capital intensity.
Bear case: what the evidence questions
EchoStar’s legacy video and satellite communications base must be harvested for cash with disciplined pricing and retention, not defended through uneconomic promotions that drain the capital needed for wireless and satellite options.
The post-combination cost structure must reset quickly; if FY2025’s extreme GAAP operating loss reflects recurring network, customer-acquisition, or asset economics rather than an episodic reset, scale is destroying value.
EchoStar needs enough liquidity and asset-monetization flexibility to fund capital-intensive spectrum and satellite strategies before the customer base stabilizes.
Thesis-Break Engine
Thesis-break watch · EchoStar
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedCompleted an acquisition or disposition of assets.
EchoStar filed an SEC 8-K on 2026-10-02: Completed an acquisition or disposition of assets. It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
EchoStar filed an SEC 8-K on 2026-08-07: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedBankruptcy or receivership.
EchoStar filed an SEC 8-K on 2026-08-03: Bankruptcy or receivership. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- T-Mobile, Verizon, AT&T, or cable wireless providers use aggressive prepaid and unlimited pricing to take EchoStar’s addressable wireless customers before EchoStar achieves scale.
- Streaming video substitutes, cable bundles, or Starlink-style satellite broadband offers force EchoStar to discount legacy services to retain customers.
- Wireless network buildout, device subsidies, and customer-acquisition costs remain structurally above the gross profit from new subscribers.
- Credit markets refuse refinancing or demand punitive terms before operating cash flow recovers.
ECHO news
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Financial statements
ECHO income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
ECHO: quick answers
- Have members of Congress traded ECHO?
- 1 trade in ECHO has been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed ECHO trade
- Which well-known investors own ECHO?
- 2 of the 37 well-known funds tracked here reported ECHO shares in their latest 13F filings. By share of the fund's portfolio: Icahn (Carl C. Icahn) (Carl Icahn), 1.7%; Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
ECHO in well-known investors’ portfolios
2 of 37 funds reported ECHO shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Carl IcahnIcahn (Carl C. Icahn) | 1.7% | $143M | No change | Q2 2026 |
| Ray DalioBridgewater Associates | 0.00% | $361K | −89.9% | Q2 2026 |